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|Intelsat Announces First Quarter 2019 Results|
In the first quarter of 2018, we adopted the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). All financial results presented in our first quarter 2019 quarterly report are presented on a comparable basis to 2018 reported results, unless noted otherwise.
Intelsat’s Chief Executive Officer,
Spengler concluded, “In the past month we increased the transparency and
provided more details of the
First Quarter 2019 Business Highlights
Network services revenue was
Media revenue was
Government revenue was
Average Fill Rate
Intelsat’s average fill rate at
C-band Proceeding at the
As a result of the loss of the satellite, in the second quarter of 2019
Financial Results for the Three Months Ended
Total revenue for the three months ended
Total On-Network Revenues decreased by
Total Off-Network and Other Revenues increased by
For the three months ended
Direct costs of revenue (excluding depreciation and amortization)
Selling, general and administrative expenses decreased by
Depreciation and amortization expense increased by
Interest expense, net consists of the gross interest expense we
incur, together with gains and losses on interest rate cap contracts
(which reflect the change in their fair value), offset by interest
income earned and the amount of interest we capitalize related to assets
under construction. As of
Interest expense, net increased by
The non-cash portion of total interest expense, net was
Other income, net was
Provision for income taxes was
Cash paid for income taxes, net of refunds, totaled
Net Income, Net Income per Diluted Common Share attributable to
Net loss attributable to
Net loss per diluted common share attributable to
Adjusted EBITDA was
Free Cash Flow From Operations1
Net cash provided by operating activities was
Financial Outlook 2019
For further details on the changes to our financial outlook, please see our Quarterly Commentary.
Capital Expenditure Guidance:
We continue to expect the following capital expenditure ranges:
Our capital expenditure guidance includes capitalized interest.
Capitalized interest is expected to average approximately
Our capital expenditure plan excludes up to four satellites which we may be required to build should our C-band proposal to the FCC be adopted in all material respects.
Capital expenditure incurrence is subject to the timing of achievement of contract, satellite manufacturing, launches and other milestones.
Cash Taxes: We expect cash taxes to range from
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1In this release, financial measures are presented both in accordance with U.S. GAAP and also on a non-U.S. GAAP basis. EBITDA, Adjusted EBITDA (or “AEBITDA”), free cash flow from (used in) operations and related margins included in this release are non-U.S. GAAP financial measures. Please see the consolidated financial information below for information reconciling non-U.S. GAAP financial measures to comparable U.S. GAAP financial measures.
1Q 2019 Quarterly Commentary
Conference Call Information
Participants will have access to a replay of the conference call through
Intelsat Safe Harbor Statement:
Some of the information and statements contained in this quarterly
commentary and certain oral statements made from time to time by
The forward-looking statements reflect
EBITDA is not a measure of financial performance under U.S. GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. EBITDA should not be considered as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.
Adjusted EBITDA is not a measure of financial performance under U.S. GAAP, and our Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA should not be considered as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.
Free cash flow from (used in) operations consists of net cash provided
by (used in) operating activities and other proceeds from satellites
from investing activities, less payments for satellites and other
property and equipment (including capitalized interest) from investing
activities and other payments for satellites from financing activities.
Free cash flow from (used in) operations is not a measurement of cash
flow under U.S. GAAP.